London: The London School of Economics will collaborate with Reliance Foundation, run by the promoters of India`s largest corporate house, for setting up world-class universities in the South-Asian nation.

Reliance Foundation is the philanthropy arm of Indian billionaire industrialist Mukesh Ambani-led Reliance Industries group, while the LSE is one of the world`s most reputed business schools.

The LSE would collaborate with the Reliance Foundation in setting up world class Universities in India, LSE`s Professor Lord Nicholas Stern said here last night.

The comments from Stern, the Director of the India Observatory and Chairman of the Asia Research Centre at the LSE, came in the backdrop of a lecture delivered at LSE by Nita Ambani, Reliance Foundation`s Chairperson and Mukesh Ambani`s wife.

She said that the Foundation has taken up the challenge to set up a world class university in India to put India on the global education map.

"The University will break new grounds in the use of technology and it will be a university that looks global with Indian soul," she added.

Noting that India faced the challenge of equity and expansion in education and healthcare, she said the Dhirubhai Ambani International School in Mumbai had produced some of the top talents in the country and some of the students are currently studying at the LSE.

Nita Ambani is also the Chairperson of Dhirubhai Ambani International School.

She also suggested that India should introduce many far reaching reforms in its education system and give prominence to music, dance, painting, art and craft.

After arriving here with Mukesh Ambani yesterday afternoon in their special chartered flight, Reliance I, the couple also attended a dinner hosted by Professor Lord Nicholas Stern.